Top news and views about FinTech for 11 Aug 2017

 

This is How Financial Services Chatbots are going to Evolve

This is How Financial Services Chatbots are going to Evolve

 

The first generation of chatbots in financial services has yet to win over the majority of consumers. But as the technology improves, banks and payments companies foresee a variety of roles and abilities for these virtual assistants.
oday’s simple question-and-answer programs will evolve, experts say, to become sophisticated conversational agents, which will help customers transact and may even be capable of understanding emotional cues.
As that happens, banks expect more and more consumers will turn to chat platforms, such as Facebook Messenger and WhatsApp, to conduct their financial affairs. When they do, the bots will be waiting for them—helpful digital representatives of companies that are betting on conversational finance as the next frontier.
“A decade ago we had the first big leap, and that was web to mobile,” said Edrizio de la Cruz, co-founder and CEO of Regalii, a startup whose application programming interfaces are used by dozens of financial services providers to build their chatbots. “Now the next one is mobile to conversational.”
Full story at http://bit.ly/2hOwFeh
Source: American Banker
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After a series of hacks, cryptocurrency issuers may turn to old-fashioned bank vaults for security

After a series of hacks, cryptocurrency issuers may turn to old-fashioned bank vaults for security

 

After hackers looted $30 million worth of ether last week, a company planning to raise money with cryptoassets is turning to an old-fashioned solution to safeguard the funds: a bank vault. It highlights the difficulty of keeping even the most sophisticated new technology safe and secure
BitBounce, an anti-spam e-mail provider, is planning to raise as much as $20 million through an initial coin offering of digital tokens on the ethereum network. Founder Stewart Dennis says he may have millions of dollars worth of tokens left over from the ICO, which will need safekeeping. Recent hacks have revealed the risks of storing digital money online. Given those concerns, Dennis said he’s considering offline options, such as safe deposit boxes and theft insurance.
Crypto heists work like this: ether and bitcoin holdings can only be accessed by a private key, a kind of password to a digital currency wallet. The trouble is safeguarding that key: If hackers find a way to steal it, then a digital wallet can be accessed.
One way cryptocurrencies bolster their security is through “cold storage,” meaning that private keys are kept offline, away from the reach of online hackers. The key can be written down on paper or stored on a drive that’s locked away in a bank saf
Full story at http://bit.ly/2hO54cQ
Source: QZ
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Glint is a stealthy London fintech startup that promises to turn gold into a ‘new global currency’

Glint is a stealthy London fintech startup that promises to turn gold into a ‘new global currency’

 

Glint, a stealthy London fintech startup that promises a new “global currency,” has raised £3.1 million from a plethora of individual backers in the financial services and asset management space, alongside early-stage investor Bray Capital.
They comprise Haruko Fukuda, former CEO of the World Gold Council and NED of Investec Bank; Oliver Bolitho, formerly Chairman of Goldman Sachs Asset Management Asia; Hugh Sloane, co-founder of asset manager Sloane Robinson; and Lord Flight Of Worcester, formerly of Guinness Flight Global Asset Management.
The Glint website describes the startup as “a new global currency, account and app” and says it will make your money “reliable and independent” and give you more control in the way you “store, spend, exchange and transfer money”. If that all sounds a bit vague —
However, I understand that Glint will offer a frictionless way to both store and spend your money in gold, including at the point of sale, just like a regular local currency. The bigger picture is that gold historically has been a better storage of value than any government-created currency, and therefore — with the aid of technology — is (arguably) a good candidate for an alternative global currency. The startup has already been authorised and is regulated by the U.K.’s FCA, under, presumably, an Electronic Money Institution license.
Full story at http://tcrn.ch/2hOwHCV
Source: TechCrunch
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Big banks on notice that they’re losing ground to China’s fintech giants

Big banks on notice that they’re losing ground to China’s fintech giants

 

The giants of the banking world are starting to publicly acknowledge the dominance of mobile payment methods devised by Chinese technology firms – and, more broadly, a failure to keep up with fintech rivals in certain areas.
Speaking before a crowd of hundreds at the Rise Conference in Hong Kong last month, Jing Ulrich, vice chairman Asia Pacific at JPMorgan Chase, heaped praise on the two Chinese online payment juggernauts, Alibaba Group’s Alipay and Tencent’s Tenpay.
“JPMorgan every year, as we speak, processes through our QuickPay 94 million payments,” she said, “But Tencent, the Chinese company, over Chinese New Year, in five days processed 46 billion payments. Basically that means 800 million payments per hour.
“Visa has a maximum capacity of processing 25,000 payments per second. But Alipay can process 50,000 payments, twice as much, per second.”
Full story at http://cnb.cx/2hO59NG
Source: CNBC
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